Prefilled Formalin Vials Market size is expected to grow significantly from 2019 to 2025. Rising government initiatives for creating cancer awareness will propel prefilled formalin vials market growth. The objective of such initiatives is to create awareness among people regarding cancer and educate the public about advantages of early diagnosis. Prefilled formalin vials are widely used in diagnostic centers for detection of chronic diseases. Increasing awareness for early diagnosis will drive usage of prefilled formalin vials propelling the industry growth.
Formaldehyde has carcinogenic characteristics if inhaled in excess amount. Health professionals working in hospitals have direct contact with formalin that increases chances acquiring cancer. As prefilled formalin vials eliminate the risk of acquiring cancer by avoiding the direct contact, its adoption will increase in near future. However, high cost of prefilled formalin vials in comparison to conventionally available stocked formalin may hamper the industry growth to certain extent.
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40-90 ml prefilled formalin vials segment holds lucrative revenue share in 2018 and is expected to witness significant growth over the forecast timeframe. Vials of this size eliminate the need of manual transfer of carcinogenic formalin. Furthermore, 40-90 ml prefilled vials are autoclaved for avoiding the possible contamination. Safety and convenience associated with the usage of 40-90 ml prefilled formalin vials along with its rising adoption in the field of forensic and diagnosis will drive the segment growth.
Cancer diagnostic segment will witness humongous growth over the forecast period. Increasing prevalence of cancer is directly impacting positively on demand for cancer diagnostic tests. According to national cancer institute, in 2016, there were approximately 15.5 million cancer patients in the U.S. Increasing prevalence of cancer along with growing adoption of prefilled formalin vials for its diagnosis will render significant positive impact on segment growth.
Academic institutions will witness significant growth over the forecast timeframe owing to increasing number of academic institutions in developed economies. Research and development on various diseases is done with the use of biological specimens. For preservation of these biological specimens and tissues, formalin is necessary. Thus, increased demand for formalin vials by academic institutions will foster segmental growth.
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Asia Pacific prefilled formalin vials will witness lucrative growth during the forecast period. Incidences of cancer has increased in Asia Pacific region due to changing lifestyle of people such as unhealthy diet and lack of exercise. Leading organizations are spreading awareness and benefits of early diagnosis by educating people. Increasing awareness and disease prevalence along with strong foothold of leading industry players generated abundant growth potential in this region.
Some of the prominent players operating in prefilled formalin vials are Genta Environmental Ltd, Diapath S.p.A, Histo-Line Laboratories Srl, Leica Microsystems Sales GmbH, Solmedia Limited, Global Scientific Inc, Thomas Scientific, Medline Industries Inc, Cardinal Health Inc and Azer Scientific, Inc. For instance, Azer Scientific, Inc offers prefilled formalin vials that are available in different sizes. These containers of varied sizes are half filled with double audible clicks that ensures safety while transporting to laboratories. Availability of such innovative products will give the company competitive edge over its competitors.
- Diapath S.p.A
- Histo- Line Laboratories Srl
- Cardinal Health, Inc
- Leica Microsystems Sales GmbH (Leica Biosystems Nussloch GmbH)
- Genta Environmental Ltd
- Solmedia Limited
- Global Scientific Inc
- Thomas Scientific
- Medline Industries Inc
- Azer Scientific, Inc